FP Markets vs IC Markets: Comparison and Analysis

FP Markets vs IC Markets: Which Broker is the Best for You?

FP Markets and IC Markets are two popular Australian-based brokers that have attracted a significant number of traders worldwide. Both brokers offer a wide range of trading instruments, low spreads, and high leverage ratios. However, there are some differences between them that traders need to consider before choosing one over the other. In this comparison, we will analyse the most important characteristics of FP Markets and IC Markets, including security, demo account, account opening, social-copy trading, markets, trading fees, platforms, education, and customer care.

Security

Both FP Markets and IC Markets are well-regulated brokers. FP Markets is regulated by CySEC, ASIC, FSCA, and SVG, while IC Markets is regulated by CySEC, ASIC, FSA, and SCB. FP Markets and IC Markets have the same security rating of 93, which is a good indication of their reliability.

Demo Account

FP Markets offers a demo account with a duration of 30 days and virtual funds of $100,000. Traders can replenish their virtual funds by contacting customer support. On the other hand, IC Markets offers an unlimited demo account that allows traders to choose the virtual funds amount, up to $5,000,000. Traders can restore their virtual funds by contacting customer support. Overall, IC Markets has a more flexible demo account than FP Markets.

Account Opening

FP Markets requires a minimum deposit of $100 for Standard and Raw accounts, $1,000 for Iress accounts. IC Markets, on the other hand, does not have a minimum deposit in place, but they suggest a minimum deposit of $200. FP Markets offers 10 base currencies, including AUD, USD, EUR, and GBP, while IC Markets offers over 10 base currencies, including USD, EUR, AUD, and GBP, making it easier for traders to avoid currency conversion fees. FP Markets offers a wider range of account types, including the Standard Account, Raw Account, Iress Account, Islamic Account, and professional account for advanced traders, while IC Markets offers the Standard account, RAW Spread account, and professional account for advanced traders. Overall, FP Markets offers more account types, but IC Markets is more flexible in terms of deposit amount and account currency.

Social-Copy Trading

FP Markets does not offer copy-social trading, while IC Markets allows traders to engage in copy trading through third-party platforms such as ZuluTrade. Therefore, IC Markets is the better option for traders who want to engage in social-copy trading.

Markets

FP Markets offers a wider range of markets than IC Markets. FP Markets offers Forex (70+), commodities (18), indices (11), crypto assets (60), and stocks (10,000+). On the other hand, IC Markets offers Forex (63), commodities (21), indices (25), crypto assets (63), and stocks (1600+). However, IC Markets offers CFD trading only, while FP Markets offers CFD and DMA (Direct Market Access) trading for shares. Therefore, FP Markets is the better option for traders who want to engage in long-term investing.

Trading Fees

Both FP Markets and IC Markets offer low spreads, starting from 0 pip on Forex. FP Markets charges a commission of $6 per lot traded on Raw accounts, while IC Markets charges up to $7 per lot traded. FP Markets charges a minimum commission of $10 on stocks, while IC Markets charges variable spreads. Overall, both brokers offer competitive trading fees, and the choice depends on the trader’s trading strategy.

Platforms

FP Markets offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Iress, while IC Markets offers MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. All the platforms offered by both brokers allow traders to engage in algo trading, and they also offer VPS services. Therefore, the choice depends on the trader’s preference in terms of trading platform.

Education/Customer Care

Both brokers offer a wide range of educational materials, including video tutorials, webinars, eBooks, podcasts, and market analysis. However, FP Markets provides more resources for both beginner and advanced traders. In terms of customer care, both brokers offer easy-to-contact support through email, telephone, and live chat. FP Markets offers services in various languages, while IC Markets offers over 18 languages. Therefore, the choice depends on the trader’s preference in terms of education and customer care.

Conclusion

In summary, both FP Markets and IC Markets are reliable and well-regulated brokers that offer low spreads, high leverage ratios, and a wide range of trading instruments. FP Markets offers more account types, a wider range of markets, and more educational resources, while IC Markets offers a more flexible demo account, a wider range of base currencies, and the ability to engage in social-copy trading. The choice ultimately depends on the trader’s preferences and trading strategies. Traders who are interested in long-term investing may prefer FP Markets, while traders who are interested in short-term investing or social-copy trading may prefer IC Markets.